Hopefully, you already knew that the Affordable Care Act that was passed last year resulted in some pretty significant changes to the Medicare Advantage and Part D election periods. We put together the following as just a helpful reminder of what you can and can’t do during each election period. We hope you find it useful.
Should Medicare Advantage plans be considered competition for the traditional Medicare Supplement producer or an opportunity? At Senior Market Sales, we view Medicare Advantage as an alternative to Medicare Supplement and an opportunity.
You have a client who enrolled for the first time in a Medicare Advantage plan with prescription drug coverage and after a few months, she calls you and wants to switch back to Original Medicare and her Medicare Supplement. “No Problem,” you say, since you know she is entitled to make a change within the first 12 months. You make a call to the Medicare Advantage carrier and you run into a roadblock. You hear “She must wait until the next open enrollment period.” Now what do you do?
Just a few years ago, the Medicare Advantage market was limited to only a few carriers in limited geographical areas, mostly metropolitan areas. Now, MA plans are available in nearly every U.S. county. Why the change?
What is the key advantage of MA that you should be talking about with your clients and prospects? Is it ancillary benefits, such as vision, dental or gym memberships? Low or $0 premiums? Maximum out of pocket (MOOP) limits? Part D prescription drug coverage?
Article written by Dwane McFerrin, Vice President of Medicare Solutions
Dwane McFerrin, CLU, CFP, RHU, CLTC came to SMS in 2006 after 23 years in the life and health insurance industry in executive-level positions. Dwane owned a marketing consulting firm and has a strong background in the senior market, sales management, association and worksite marketing, client development and lead generation. Dwane holds an M.S. Degree in Industrial/Organizational Psychology from the University of Nebraska at Omaha, a B.A. from Central College of Iowa and LIMRA's Leadership Institute Fellow designation.